In the winter, I need my coats to offer head-to-toe coverage, which is why I’ve had my eye on Max Mara’s $4,490 Teddy Bear Icon Coat, worn by celebs like Beyoncé and Kate Hudson, for months.

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The soft material is usually faux shearling and is shaggier than a smooth faux fur coat. It’s also iconic, so much so that Max Mara named its staple style the Teddy Bear Icon back in 2013 ...